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SBI customer? Now shell out more for these transactions from June 1

01 June 2017

Cash withdrawal from ATMs and bank accounts and electronic transfer of money are among a slew of banking activities that will invite charges now as the State Bank of India's revised rules come into effect starting June 1.

It may be noted that following the government's demonetisation drive and its stress on digitization, SBI had some time back announced revision in its service charges on cash transactions & ATM withdrawals, among others, above a certain limit. SBI will also levy charges on withdrawals at branches and ATMs beyond the four free transactions, for its basic savings banks deposit account (BSBDA) customers. However, cash withdrawal of up to Rs 2,000 through banking correspondent will be charged at 2.50% of the transaction value (minimum of Rs 6) plus service tax.

SBI customer? Now shell out more for these transactions from June 1
SBI customer? Now shell out more for these transactions from June 1

Normal savings bank account holders will continue to get eight free ATM transactions in metro cities and 10 free transactions in non-metro citirs. The latest charges will be applicable from June 1, 2017, according to SBI's circular. However, banks are allowed to charge merchants an interchange fee similar to the MDR on debit cards.

No service charge will be levied on the exchange of soiled or imperfect notes up to 20 pieces and value up to Rs 5,000.

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Cash deposit into Wallet through business correspondents up to Rs 10,000 in multiples of 100 will see a service charge of 0.25 percent of the transaction value. If the value of the notes is above Rs 5,000, then you will have to pay Rs 2 per piece or Rs 5 per 1000 + ST, whichever is higher, on the entire tender.

SBI considers them as IMPS transactions even though they originate from a UPI app. Note other banks charge customers for IMPS transactions as well. A 10-leaf cheque book will now cost Rs 30 plus service tax; 25-leaf book, Rs 75 plus service tax and 50-leaf book at Rs 150 plus service tax, ET report said. However, these charges do not include service taxes.

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SBI customer? Now shell out more for these transactions from June 1